Solana Defies Broader Market Weakness, But $120 Support Level Beckons
Solana's price has been testing the $120 support level repeatedly since late November, with some concern that a breakdown below this threshold could lead to a steep decline to $75. According to cryptocurrency analyst Crypto Patel, a breakdown below $120 could trigger a two-stage scenario: near-term downside to $75, followed by a climb toward $500.
Despite the concerns, Solana has gained 1.4% over the past 24 hours, bucking the trend of broader weakness across major cryptocurrencies. The token's market capitalization stands at $69.7 billion with daily trading volume reaching $1.68 billion.
The technical charts show a double-bottom formation near $121 to $122, and price has recently broken above a descending trendline from the latest peak, suggesting potential short-term strength. However, Solana remains below its 20-day, 50-day, 100-day, and 200-day exponential moving averages.
Despite recent struggles, Solana's network fundamentals remain strong, with DEX spot volume on Solana more than doubling year-over-year to $343 billion in Q3 2025 from $159 billion in Q3 2024.